By Ben DeGrow | Special to Colorado Watchdog
Solyndra one day may be remembered as “California‘s Abound Solar.”
Underwritten with a $400 million federal loan guarantee in the Obama administration’s 2009 American Recovery and Reinvestment Act, Abound Solar’s declaration of bankruptcy is estimated to cost taxpayers tens of millions of dollars.
The Daily Caller‘s Michael Bastasch reported a level of waste and fraud at the Colorado-based green energy firm that is sickening. A handful of anonymous whistle-blowers paint a picture of deceit and corruption covering up defective products even before taxpayer funding was secured.
The company’s solar panels tended to go up in flames. As one whistle-blower so aptly put it, “Our solar modules worked as long as you didn’t put them in the sun.” Ouch.
Pulling out practices from the Enron school of accounting could hide it all for only so long.
“By 2011, we all saw the writing on the wall,” one inside source said. The rate at which the company was burning up funds explains why liberal Colorado heiress Pat Stryker wanted to wait for additional taxpayer dollars rather than invest more of her own money in Abound.
The disturbing tale provides a perfectly painful example of federal largesse dumped on a bad investment to sell a hollow, feel-good political agenda. How does it feel to be hoodwinked?
Sadly, Democrats and Republicans got sucked into the pay-to-play scheme, as the corporation’s investors skillfully played the political game, contributing to officials on both sides of the aisle. That’s probably why you won’t hear GOP candidate Mitt Romney use it as a line of attack against President Barack Obama.
Whether it’s “green energy” or whatever pretty toy it happens to be, maybe, Congress will resist the folly of borrowing and wasting funds my children some day will owe. I may live in Colorado, but that sounds like some old-fashioned California dreamin’.